Hello Fintech Friends,
This week, we released our first Signals of the quarter, breaking down fintech fundraises from Q1.
Please find another week of financings and transactions below.
Editor’s Note: If you’re an early-stage startup founder raising equity or debt, I may be able to help - reach out to email@example.com.
Need to meet partners, prospects & customers? Fintech Spring Meetup participants include large banks like BofA, Citi & J.P. Morgan, 50+ community banks, credit unions, networks including Visa, Mastercard & AmEx and investors including a16z, Bain Capital & Oak HC/FT. Apply now.
💸 Venture Financing
OfBusiness, a credit provider to Indian SMBs, raised $110 million at an $800 million valuation as it prepares for IPO.
Ethereum venture studio ConsenSys raised $65 million from financial services providers including JP Morgan, Mastercard and UBS.
Netstars, Japan’s largest QR code payment gateway, raised ¥6.6 billion ($60.6 million).
Atom Bank’s valuation halved from 2019 levels on its latest £40 million fundraise.
Routable, a B2B payment service provider, raised a $30 million Series B.
Sunday, a checkout and point-of-sale solution for restaurants, raised a $24 million seed round.
Hatch, an SMB neobank, raised $20 million in new funding.
Alpian, a Swiss mass-affluent neobank, raised an $18 million Series B.
AppZone, a Nigerian banking-as-a-service provider, raised a $10 million Series A.
OneCard, a mobile credit card provider, raised $10 million.
Cardlay, a Danish expense handling and commercial card startup, raised €8 million from Javier Perez, the former president of Mastercard Europe.
Clim8 Invest, a platform for making ethical investing more intelligible, raised $8 million.
OpenEnvoy, an invoice processing RPA platform, raised a $6.5 million seed.
Safexpay, an Indian white-label payment gateway provider, raised $6 million at a $100 million valuation.
Shopse, an Indian buy-now-pay-later provider, raised $5.5 million.
Wage, a payroll data API, raised $5 million.
Enso Finance, a decentralized platform for currency trading, raised $5 million.
Nelo, a Mexican buy-now-pay-later service, raised $3 million.
Numida, a Ugandan lending and risk-based pricing service, raised a $2.3 million seed.
Plentina, a Filipino buy-now-pay-later startup, raised a $2.2 million seed round.
CredFlow, an Indian SMB cashflow management startup, raised a $2.1 million seed round.
Thirdfort, a KYC / AML platform, raised £1.5 million.
Payable, an Australian bill payment subsidiary of Identitii, raised a £1 million strategic round from CommBank.
Fintern, a UK no-credit-score-needed consumer lender, raised £32 million in equity and debt funding.
Avanti Finance, a digital lending platform, raised $26 million in combined debt and equity.
Modulr, a wholesale bank payments software, raised an undisclosed amount from FIS.
Kudos, an Indian digital lending infrastructure provider, raised an undisclosed pre-Series A.
Findeed, a consumer financial services provider to underserved Indians, raised a seed round.
South Africa’s MTN is preparing to sell a minority stake in its mobile money business at a $5 billion valuation.
Embedded banking solutions provider Zeta is in talks with SoftBank to raise a $250 million Series D at a $1 billion valuation.
💵 Debt Financing
Mexican mortgage investor FHipo took out a $126 million revolving credit line with the International Finance Corporation.
Revenue-based financing platform Bigfoot Capital took out $30 million in debt for its SaaS loans.
Indian lender Lendingkart took out $15 million in debt from Dutch development bank FMO.
💰 Venture Funds
Ant Financial is launching a $100 million fintech fund in Berlin.
☯️ Exits and M&A
Coinbase shares jumped 32% in its direct listing, valuing the company at around $80 billion.
Swedish payment platform Trustly confirmed it will IPO, selling €785 million of shares at a €9 billion valuation.
Core banking software provider Alkami raised $180 million in its IPO at a valuation of $2.9 billion.
Payables automation platform Tipalti acquired procurement solution Approve.com.
Benelux compliance platform Delta Capita acquired International Compliance Partners.
BancorpSouth Bank and Cadence Bancorporation are merging to create a Texas and southeastern US bank with a $6 billion valuation.
Hungarian bank OTP is in talks to buy Slovenian bank Nova KBM from its private equity owners in a deal valued at €1 billion.
Bank of Montreal is selling its Europe, Middle East and Africa asset-management unit to Ameriprise Financial Inc. for £615 million.
Italian bank Credit Agricole raised its bid for rival bank Creval to €737 million.
Russian retailer Ozon is expanding into financial services through its acquisition of Oney Bank for around $10 million in cash.
PNC is on track to complete its acquisition of BBVA USA by mid-year.
💲 Investment Management
Insurer Prudential Financial is weighing the sale of its retirement investment business for over $2 billion.
UK investment platform FNZ failed in its appeal to the Competition and Markets Authority to move ahead with its 2019 acquisition of rival investment platform GBST for £150 million.
Pension management firm Prime Pensions is buying the assets of Squire Retirement Plan.
Southeast Asian superapp and financial services marketplace Grab released more details on its plans to go public in the largest SPAC merger ever, with an equity value of around $40 billion and a $4.5 billion fundraise.
Join the fintech community at the first big event of the year, LendIt Fintech USA. Hear the latest insights from the leaders in fintech including the CEOs of Afterpay, Brex, Figure, FT Partners, Varo Bank and more. And meet the people who matter to you through LendIt’s state-of-the-art matching software. Join me and other fintech leaders at LendIt Fintech, April 27-29.
📚 Deeper Reads